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Wed 6 Jun 2018 08:24

Oil and fuel oil hedging market update


By the Oil Desk at Freight Investor Services.

Commentary

Brent crude rose 78 cents to $76.16 a barrel by 06:45 GMT after dropping to its lowest since May 8 on Tuesday. WTI futures were up 33 cents at $65.85 a barrel, having touched a near two-month low on Tuesday. We've seen some support today as the API has predicted a 2 million barrel draw of U.S. crude stockpiles. So Trump and Kim will be meeting on the Singaporean island of Sentosa, a name which translates as 'peace and tranquility'. It's definitely not a word that you would use for the oil market right now. Oil markets have moved their gaze away to concentrate on the tussle between falling supply from Venezuela and Iran against the request of the U.S. for OPEC to start producing more oil. EIA data at 3.30pm UK time. Good day.

Economic data/events (Times are London.)

* 12pm: U.S. MBA Mortgage Applications for June 1

* 1:30pm: U.S. Trade Balance for April

* 3:30pm: U.S. EIA weekly oil inventory report

* Platts Global Crude Oil Summit, final day

* Genscape weekly ARA crude stockpiles report

Singapore 380 cSt

Jul18 - 437.75 / 439.75

Aug18 - 433.00 / 435.00

Sep18 - 428.50 / 430.50

Oct18 - 424.50 / 426.50

Nov18 - 421.00 / 423.00

Dec18 - 417.50 / 419.50

Q3-18 - 433.00 / 435.00

Q4-18 - 421.00 / 423.00

Q1-19 - 409.25 / 411.75

Q2-19 - 396.75 / 399.25

CAL19 - 373.50 / 376.50

CAL20 - 301.00 / 306.00

Singapore 180 cSt

Jul18 - 448.50 / 450.50

Aug18 - 444.25 / 446.25

Sep18 - 440.00 / 442.00

Oct18 - 436.00 / 438.00

Nov18 - 432.00 / 434.00

Dec18 - 428.75 / 430.75

Q3-18 - 444.25 / 446.25

Q4-18 - 432.00 / 434.00

Q1-19 - 420.50 / 423.00

Q2-19 - 408.50 / 411.00

CAL19 - 388.00 / 391.00

CAL20 - 315.00 / 320.00

Rotterdam 3.5%

Jul18 - 420.50 / 422.50

Aug18 - 417.00 / 419.00

Sep18 - 412.75 / 414.75

Oct18 - 408.25 / 410.25

Nov18 - 403.75 / 405.75

Dec18 - 399.25 / 401.25

Q3-18 - 416.75 / 418.75

Q4-18 - 404.00 / 406.00

Q1-19 - 393.00 / 395.50

Q2-19 - 380.00 / 382.50

CAL19 - 352.50 / 355.50

CAL20 - 286.00 / 291.00

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

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